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    Tata Group likely to launch UPI-based digital payments service: Report

    Tata Group likely to launch UPI-based digital payments service: Report

    Tata Group likely to launch UPI-based digital payments service: Report
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    By CNBCTV18.com  IST (Updated)

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    Tata Group, through its digital commerce unit Tata Digital, is reportedly in talks with ICICI Bank to power its UPI infrastructure. The UPI payments platform, if gets clearance from NCPI, will help Tata Group enhance the e-commerce experience for its customers.

    Salt-to-steel conglomerate Tata Group is set to launch a UPI-based digital payments service in the country soon, Economic Times reported on Wednesday.
    The conglomerate has applied for clearance from the National Payments Corporation of India (NPCI) to launch third-party digital payments services, said the report citing people briefed on the matter.
    Tata Group, through its digital commerce unit Tata Digital, is reportedly in talks with ICICI Bank to power its UPI infrastructure. The UPI payments platform, if gets clearance from NCPI, will help Tata Group enhance the e-commerce experience for its customers.
    Amazon Pay, WhatsApp Pay, PhonePay and Google Pay also partnered with banks in order to offer their own UPI-based payments platforms in India. PhonePay and GooglePay have the major pie in the UPI transactions.
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    According to the NCPI data, UPI saw 4.52 billion transactions in February.
    Earlier, NPCI had mandated that new players will not be allowed to process more than 30 percent of the total transaction volumes of UPI during the preceding three months by a single digital payments platform.
    Existing UPI payments platforms such as PhonePe and GooglePay were given time until end of 2022 to comply with the order.
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